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Shareholders of Ascent Industries Co. (NASDAQ:ACNT) held their annual meeting Wednesday, approving all proposals presented, according to a press release statement based on the company’s SEC filing.
During the meeting, shareholders elected five directors to the board. The voting results for each nominee were as follows:
- Henry L. Guy received 4,190,648 votes in favor and 2,749,600 against, with 3,643 abstentions and 1,891,136 broker non-votes.
- Christopher G. Hutter received 5,356,390 votes in favor and 1,584,557 against, with 2,944 abstentions and 1,891,136 broker non-votes.
- Aldo J. Mazzaferro received 3,887,578 votes in favor and 2,947,075 against, with 109,238 abstentions and 1,891,136 broker non-votes.
- Benjamin Rosenzweig received 5,415,588 votes in favor and 1,523,666 against, with 4,637 abstentions and 1,891,136 broker non-votes.
- John P. Schauerman received 4,001,616 votes in favor and 2,938,632 against, with 3,643 abstentions and 1,891,136 broker non-votes.
Shareholders also gave advisory approval to the compensation of Ascent Industries’ named executive officers for fiscal year 2024. The proposal received 5,444,111 votes in favor, 1,391,362 against, 108,418 abstentions, and 1,891,136 broker non-votes.
Additionally, the appointment of Baker Tilly US, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified. The ratification received 8,027,722 votes in favor, 795,518 against, and 11,787 abstentions.
All information is sourced from the company’s press release statement and SEC filing.
In other recent news, Ascent Industries Co. reported a significant miss in its Q1 2025 earnings, with an earnings per share (EPS) of -$0.23 against an expected $0.12. Despite this, the company improved its gross margin to 19.3% from 8.3% the previous year, though net sales declined to $24.7 million from $28 million in Q1 2024. Ascent Industries also announced it will sell its American Stainless Tubing, LLC assets to Triple-S Steel for approximately $16 million, marking the final divestiture of its tubular assets. The sale aligns with the company’s strategic shift toward focusing on its specialty chemicals segment. Additionally, Ascent Industries has appointed Baker Tilly as its new independent registered public accounting firm following a merger involving its previous auditor, Moss Adams LLP. Furthermore, the company executed a buyback of 499,700 shares under its existing share repurchase program, reflecting confidence in its financial health. These developments are part of Ascent’s broader strategy to streamline operations and focus on higher-margin opportunities within its specialty chemicals business.
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